GROWTH MARKETING: THE FUTURE OF NEW AGE MARKETING

In an economy full of opportunities it is normal to have too many participants trying to get ahead of each other. And in this competitive ecosystem, it is important to have a good marketing strategy after all every business thrives on one basic element and that is customers.

It is not easy to get hold of loyal customers because of their varying demands and having too many options to choose from. The baseline of every marketing strategy is customer acquisition with creative and compelling ideas. And this kind of healthy marketing can only be achieved by organic growth.

Today this organic marketing growth is achieved by growth marketing.

What is growth marketing?

It is the new form of marketing which uses user experience to get meaningful insights into a problem and achieve sustainable growth. Some of the tools used in growth marketing are:

  • A/B testing
  • SEO optimization
  • Creative ad copy
  • Technical customer behavior analysis
  • Value-added blogging
  • Email marketing and many more

A person who strategizes growth marketing is called as growth marketers who have in-depth knowledge about customer acquisition, building organic traffic and making viral campaigns. They are data-driven and make use of every resource available to them to find what will result in maximizing the growth.

A growth marketing agency does not pay attention only to building a large amount of traffic and making people aware about the brand, they create strategies which will create value for the brand by making the customers aware, engaging them with the brand, retaining them and turning them into loyal customers.

Growth marketing is all about different innovations to see which methods work the best; it is not about forgetting a marketing plan after it is implemented. It is about keeping a regular check on what strategy is performing and what is not performing.

Objectives of Growth Marketing

Usually after asking what is growth marketing people tend to ask what are the different objectives of growth marketing. In simple language, it is about what a firm wants to achieve by applying growth marketing.

  • Get more traffic

The first goal of any marketer is to drive in more traffic, and this can be done by bringing in organic traffic, paid traffic and referral traffic. Organic traffic comes from major search engines so one should make sure that they have highly search engine optimized content. Paid traffic comes in from advertisements so one should keep checking how ads are fairing.

  • Customer retention

This is the most important goal that is to make sure that the customers turn loyal to the brand. Retention of the customer is needed for the growth of the business as every time acquiring new customers can incur huge expenses. Retention entirely depends on customer satisfaction so that they remain loyal. A strong band loyal customers can be very in new customer acquisition too as they tend to go for word-of-mouth which is also a form of marketing.

  • Customer acquisition

Having a good number of retained customers makes the acquisition financially affordable. As acquisition is about reaching new customers and converting them into customers, it requires visibility of the brand in a way that it can gain potential customers attention.

  • Earn profit

Growth marketing is all about increasing profitability and not just revenue. In many cases revenue keep on increasing but the overall profitability decreases due to untamed expenses, this is not growth marketing. Growth marketing is all about increasing the customer lifetime value without decreasing the incoming revenue.

Features of a Growth Marketing Agency

There are several options when it comes to a setting up a growth hacking framework. One need to choose an agency who can market using a sustainable strategy and can have long term relationship with the project seeing it grow and do necessary tweaks to keep it moving in the forward direction. Some of the features are:

  • The agency should be creative in their approach.
  • They should be data-driven who delve into the data and analyze the same to find out what is working and what is not.
  • Should have a multi-varied skill set, they should be able to do everything from coding to creating a video.
  • They should be multitasking as they need to keep track of several parameters working together.
  • Should be storyteller so that they can weave a story using all the facts and figures together and present it to the potential customer.
  • They should have an unwavering focus on the product that is to campaign so that they can make the target audience see the benefits which they themselves believe in.

Benefits of Growth Marketing

Ways growth marketing helps a company are:

  • Brand recognition: It helps to make a brand popular among the customers. The most important part of effective marketing is to make a brand reach the customers in a way that they can understand it. It is important to make it relatable and prove its usefulness.
  • SEO: Growth marketing is based on search engine optimization that is it uses keywords and other tools to make sure that the content is optimized and that it ranks high among the search results. Social media and website content optimization is done by growth marketers.
  • Diversification: A growth marketer focuses on diversification so that all the expenditure is not directed towards one campaign only. If the money is devoted to different campaigns then there will always be a chance to find a better return on investment.
  • Enhancement: growth marketing help in making sure that the existing campaigns do not go to waste. The data collected from other campaigns should be utilized in a cost-effective way to gather more information about leads and their buying habits.
  • Attract new customers: this is the biggest strategic plan of growth marketer that they use previous data to understand how to build marketing models to attract new customers.

Conclusion

Growth marketing is all about optimizing one's content so that one can successfully convert customers into champions of the company. A growth marketing agency makes sure that their strategies are diversified and reach the target audience effectively. They use tools like SEO, creating ad copy, value-added blogging etc. to reach their goals of customer attraction, retention, and acquisition. Overall growth marketing is not about creating sales which are just the top of the marketing funnel, it is about the overall growth of the company which takes into consideration the entire marketing funnel.

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